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CPI (edit)

Revision as of 18:35, 20 October 2025

5,361 bytes added ,  20 October
→‎2021
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|image=Eric profile picture.jpg
|nameurl=https://x.com/EricRWeinstein/status/1465734921029177353
|name=Eric Weinstein
|usernameurl=https://x.com/EricRWeinstein
|username=EricRWeinstein
|content=And, no, the answers to these questions are NOT in the BLS handbook on CPI methodology. I’ve looked.
|thread=
{{Tweet
|image=Eric profile picture.jpg
|nameurl=https://x.com/EricRWeinstein/status/1465734095313408000
|name=Eric Weinstein
|usernameurl=https://x.com/EricRWeinstein
|username=EricRWeinstein
|content=Surprise.
 
[Word to the wise: watch very very carefully how your '''CPI''' is constructed. You have the right to know EXACTLY how it is constructed.]
|quote=
{{Tweet
|image=business-profile-fjgaR2p.jpg
|nameurl=https://x.com/business/status/1465707440725393414
|name=Bloomberg
|usernameurl=https://x.com/business
|username=business
|content=NEW: Powell says it's time to retire the word "transitory" regarding inflation https://www.bloomberg.com/news/live-blog/2021-11-29/powell-and-yellen-in-the-senate-kwkw102n
|media1=business-X-post-1465707440725393414-FFc9JmJUYAAfogN.jpg
|timestamp=3:41 AM · Nov 30, 2021
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|timestamp=5:26 PM · Nov 30, 2021
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{{Tweet
|image=Eric profile picture.jpg
|nameurl=https://x.com/EricRWeinstein/status/1465734099130146821
|name=Eric Weinstein
|usernameurl=https://x.com/EricRWeinstein
|username=EricRWeinstein
|content=It’s hard to imagine how confused Economics is. Imagine you work for the @BLS_gov and you have to admit that your agency claims to compute our Inflation within a Cost-Of-Living framework, but doesn’t maintain the central ingredient needed to compute or even impute Cost-Of-Living.
|quote=
{{Tweet
|image=JosephPolitano-profile-BgypCCjy.jpg
|nameurl=https://x.com/JosephPolitano/status/1457096567429599233
|name=Joey Politano
|usernameurl=https://x.com/JosephPolitano
|username=JosephPolitano
|content=There are no preference maps, chained CPI employs a superlative Tornqvist formula to account for substitution. The documents introducing the chained CPI do a better job outlining the methodological and theoretical structures than I could.(https://bls.gov/cpi/additional-resources/chained-cpi-introduction.pdf)
|timestamp=10:24 PM · Nov 6, 2021
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|timestamp=5:26 PM · Nov 30, 2021
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{{Tweet
|image=Eric profile picture.jpg
|nameurl=https://x.com/EricRWeinstein/status/1465734101000802309
|name=Eric Weinstein
|usernameurl=https://x.com/EricRWeinstein
|username=EricRWeinstein
|content=Follow the thread back from here. This is where the conversation ends. #EconTwitter may tell you terrible things about me.
 
Maybe. Or maybe they don’t have a theory that works and they refuse to admit it while transferring billions through CPI releases.
|quote=
{{Tweet
|image=Eric profile picture.jpg
|nameurl=https://x.com/EricRWeinstein/status/1457110028792463360
|name=Eric Weinstein
|usernameurl=https://x.com/EricRWeinstein
|username=EricRWeinstein
|content=Wait. Slow down.
 
Did you just say that BLS is claiming to work within a Cost of Living framework which *requires* preference maps *definitionally*, but
words fail me
has no preference maps? At all??
 
I must not be understanding. Chaining Tornqvist indexes isn’t an answer here.
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|timestamp=10:17 PM · Nov 6, 2021
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|timestamp=5:26 PM · Nov 30, 2021
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{{Tweet
|image=Eric profile picture.jpg
|nameurl=https://x.com/EricRWeinstein/status/1465734104264032261
|name=Eric Weinstein
|usernameurl=https://x.com/EricRWeinstein
|username=EricRWeinstein
|content=You cannot keep mumbling Economic word salad forever “Modified Laspeyres
core inflation
Lowe generalization of the Laspeyres
Chained Tornqvist with revisions
chain drift
superlative index approximates flexible functional form
”
|timestamp=5:26 PM · Nov 30, 2021
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{{Tweet
|image=Eric profile picture.jpg
|nameurl=https://x.com/EricRWeinstein/status/1465734110681321472
|name=Eric Weinstein
|usernameurl=https://x.com/EricRWeinstein
|username=EricRWeinstein
|content=Tastes change. Cost-Of-Living inflation is about tastes. If tastes evolve in time, the economists’ COL framework disintegrates. That is: there is NO theory. #EconTwitter can tell you I don’t get it.
 
It is THEY who don’t get it. They can’t escape it. It’s in their own literature.
|timestamp=5:26 PM · Nov 30, 2021
|media1=ERW-X-post-1465734110681321472-FFdVZ6YVUAQYY9k.jpg
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{{Tweet
|image=Eric profile picture.jpg
|nameurl=https://x.com/EricRWeinstein/status/1465734113332129795
|name=Eric Weinstein
|usernameurl=https://x.com/EricRWeinstein
|username=EricRWeinstein
|content=What you are seeing reported as Inflation is not coming from a well grounded theory. It is coming from human beings making policy level judgements as if they were merely making technical adjustments to a technical time series devoid of values about who should benefit or suffer.
|timestamp=5:26 PM · Nov 30, 2021
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{{Tweet
|image=Eric profile picture.jpg
|nameurl=https://x.com/EricRWeinstein/status/1465734615037931527
|name=Eric Weinstein
|usernameurl=https://x.com/EricRWeinstein
|username=EricRWeinstein
|content=Moral: you have a right to know what’s in your food and how your pharmaceuticals were tested. You have a right to ask your surgeon what she plans to do during an operation.
 
You have a right to demand what economists are actually measuring as Cost-Of-Living W/O abuse for asking.
|timestamp=5:28 PM · Nov 30, 2021
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|timestamp=5:30 PM · Nov 30, 2021
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|content=5 / The 6.8% inflation rate in the US is the highest inflation we've seen since 1982 and is understating true price increases as it assumes "shelter" (largest component of CPI @ 33%) only increased 3.8% in the last year.
|content=5 / The 6.8% inflation rate in the US is the highest inflation we've seen since 1982 and is understating true price increases as it assumes "shelter" (largest component of CPI @ 33%) only increased 3.8% in the last year.


Breakdown of reported CPI:  
Breakdown of reported '''CPI''':  
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|media1=charliebilello-X-post-1474394587825418246-FHYZj9XXoAIPfHi.jpg
|timestamp=3:08 PM · Dec 24, 2021
|timestamp=3:08 PM · Dec 24, 2021
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A) BLS stops lying about COL framework. Stops hand waving about economic vs mechanical indexes.
A) BLS stops lying about COL framework. Stops hand waving about economic vs mechanical indexes.


B) Stop readying c-cpi-u to take over from cpi-u. We can see you coming.
B) Stop readying '''c-cpi-u''' to take over from '''cpi-u'''. We can see you coming.


C) Move towards personalized CPI using inputs.
C) Move towards personalized CPI using inputs.
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